Speculative M&A Transaction Analysis, page-831

Although what you say is technically correct. It is a bit misleading. Celator was bought out for around a 80% premium to its share price, for $US1.5 billion. To receive $35 per share you need RAC to be cracking a bit over $U12 billion (taking dilution into account). Looking at share price without considering market cap doesn't give a comparison. This was when biotechs were just beginning to run. I was buying RAC at sub 25c around then and was able to secure 10 bags just a couple of years later.
The value of the company is the market cap. It's important to remember this when doing comparisons. I only know about the Jazz deal as was part of an investor group that did ok out of this deal.

Reuters) - Ireland-based Jazz Pharmaceuticals Plc will buy U.S.-based Celator Pharmaceuticals Inc in a cash deal valued at about $1.5 billion (1.02 billion pounds), to gain access to an investigational product in development for treating acute myeloid leukemia.
Jazz Pharmaceuticals will pay $30.25 per share in cash for Celator, a 72.6 percent premium to Celator's closing price on Friday.

https://www.forbes.com/sites/luketimmerman/2016/05/31/celator-gets-bought-seeing-stock-rocket-from-1-68-to-30-25-in-two-months/

The link tells more of that study.